Your Credit Rating could depend on if you have accident and illness income insurance and The Equal Credit Opportunity Act, Regulation B (ECOA, Reg B), also known as “The Best Kept Secret in Lending Bar None“. – John Ulzheimer, Consumer Credit Expert
Click HERE to watch Bridget explain why and how in an 8 minute video.
ECOA, Reg B is a little-known federal law could help you gain fair access to housing, transportation, and capital. It could save you money and help you to build your assets – starting with your good reputation for paying your bills on time and protecting your income with insurance.
While you are thinking about your creditworthiness, do you suppose that a lender would prefer a customer who has accident and disability income insurance compared to one who doesn’t?
Lenders will tell you YES! – all other factors being equal such as FICO score, assets, and income.
ECOA, Reg B gives you the right to show a lender that you have insurance, and that you pay your bills on time to prove your creditworthiness. Under federal law, if a lender refuses to consider your good bill payment history and disability insurance coverage on your request when you present this information, they risk a $10,000 fine.
Credit Unions will consider additional information that you present about your creditworthiness on your request. See the legal opinion from the National Credit Union Administration here: http://www.ncua.gov/Legal/Pages/OL2010-0974.aspx
Learn more about how to use ECOA, Reg B to manage errors on your credit report and missing positive payment information at www.3Steps2GoodCredit.com.